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2020 Small Business Trends

2020 Small Business Trends

The Coronavirus pandemic has adversely affected businesses all over the world, causing many entrepreneurs to change their marketing strategies to increase their sales. New business trends have emerged this year and small businesses are using them to create new opportunities. The following are the seven top 2020 small business trends.

A High Number of Online Retailers

More consumers have shifted to online shopping recently, causing people to visit different websites to compare the prices and features of products. So, small businesses need to have a strong online presence and create online payment systems.

Remote Work Is the New Normal

Many companies have asked their staff to work from home to prevent the spread of the Coronavirus in workplaces. This has benefited small businesses, as infrastructure and office space are costly in urban areas. Now, managers are using smartphones, team messaging and video conferencing to supervise workers.

Outsourcing

Many businesses have downsized due to COVID-19, as sales have reduced significantly. To make up for smaller staff sizes, outsourcing has been one of the latest business trends this year. This is a common practice in the human resource and accounting departments, but small businesses will start outsourcing project management and marketing services soon.

Employee Wellness and Health Is a Priority

During this time, small business owners are prioritizing the health and wellness of their employees, but since this might continue for the rest of this year, it is a challenge to replace skilled workers. Studies show that investors can keep their staff engaged and motivated by investing in their wellness and health.

Personalized Customer Service

Businesses like Amazon have invested a lot to provide personalized customer experiences. Similarly, small businesses need to create homepages that offer product suggestions that are like what clients purchased recently. This way, small businesses can increase their profits by using smart personalized engines that can recognize client intent, according to Gartner.

Bots Are Improving Customer Experience

Many successful entrepreneurs integrate chatbots in their systems, especially since the number of clients who visit business premises has reduced since the Coronavirus outbreak occurred. Most customers have shifted to online shopping, thus increasing call volumes and tickets for enterprises, so small businesses need to offer great customer experience to attract and keep new clients. Many businesses are using voice bots and chatbots to answer frequently asked questions. 

The Use of Big Data

In the past, many businesses used big data to improve their operations, but small businesses have started harnessing its power now as well. Some startups are using analytics applications to have a competitive edge as data can provide actionable insights for the business.

The ongoing global health crisis has caused many people to start small businesses to earn a living as many organizations have laid off their employees and sent workers on unpaid leaves. Research shows that small businesses that adapt to developing trends have an edge over their competitors.


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by Marissa Collins //

Opinions expressed by contributors are their own.